Luminar Technologies, Inc. (NASDAQ: LAZR) stock price has become hot again after weeks of sideways price action. The increase in volatility has increased investor interest in the LAZR stock once again. The latest analysis suggests that a huge upside is waiting for the bulls if the stock breaks above the 200 MA.
After a 2.48% price drop on Wednesday, LAZR stock turned green on Thursday. At the time of writing, the stock was changing hands at $6.35 after 0.79% gains. This also turned the weekly candle green after negative price action at the start of the week.
Citi Group Revises LAZR Stock Outlook
According to the most recent Luminar Technologies stock news, Citi Group has adjusted its target of NASDAQ: LAZR. While the banking giant has maintained the ‘buy’ rating on the tech stock, it has slightly lowered its price target to $18 from $19.
The US tech stocks have been rallying since the strong earnings from the big tech companies in Q1. In other news, the CEO of Luminar Technologies, Austin Russel, has placed a big bet on the LAZR stock price. The latest disclosure reveals that the company’s CEO has $7.57 million worth of Luminar stock.
LAZR Stock Price Gets Rejected From 200 MA
The latest analysis of the NASDAQ: LAZR chart shows that the price has faced rejection from the 200-day moving average. After a strong bounce from the $5.5-$6 level, the shares surged 32%. However, the price failed to break above the 200 MA, which lies at $7.25.
LAZR stock price prediction will flip bullish if the shares break above the $7.25 level in the coming days. This will put a retest of the $10 psychological level on the cards, which is also the range high of the ongoing higher consolidation.
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